"The social system of private property and limited government is the only system that tends to debarbarize all those who have the innate capacity to acquire personal culture."
~Ludwig von Mises

Jan 30, 2008

Paul Samuelson on the shortcomings of fiscal policy

In the early stages of the Keynesian revolution, macroeconomists emphasized fiscal policy as the most powerful and balanced remedy for demand management. Gradually, shortcomings of fiscal policy became apparent. The shortcomings stem from timing, macroeconomic theory, and the deficit itself.